As I note below, while there are some long-term positives for this stock, it is a high-risk buy at current levels.

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Even huge companies such as Microsoft represent less than 5% of the overall market, the weight at which investment consultants start worrying about stock-specific risk.

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If your short-term assets are at risk in the stock market, you have made a fundamental mistake.

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In fact, the stock is currently at risk of ending the month beneath its 10-month and 20-month moving averages.

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Although the company is (arguably) priced for perfection as seen by its price-to-earnings ratio of 200, Amazon continues to remind investors with its execution and new 52-week highs that avoiding the stock at any level presents the greater risk.

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The lingering concerns about the company's shares were aggravated by the options-market debut, which allows investors to bet on the future of the stock with less money at risk.

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Limited downside risk compared to over 100% upside return potential, if the stock trades at a no-growth valuation, looks pretty good.

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